Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system:

Required:

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Prepare an income statement through pretax income for each method.

Sales, $350$ units; unit sales price, $$50$; Expenses, $$1,700$

Rank the three methods in order of income taxes paid $($favorable cash flow$).$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Note: Do not round intermediate calculations.

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Cost of goods sold$],[$Beginning inventory $(400$ units @ $$28),$$$,11,200,$$$,11,200,$$$,11,200],[$Purchases$(475$ units @ $$35),,16,625,,16,625,,16,625],[$Goods available for sale,,$27,825,,27,825,,27,825],[$Ending inventory $(525$ units$),,18,025,,15,575,,],[$Cost of goods sold,$$,9,800,$$$,12,250,,]]$ Can you do the last